Identify a local company or organization you are familiar with—Research the company to understand better its target market, products, services, and competitors. Ideally, you should plan a site visit to this business with your group and brainstorm some “New” ideas for the company.
Utilizing market research, develop a new product or service for this company that fills a need or void in the market and aligns with the business or organization’s current activities.
The Deliverables:
1) Develop a marketing plan for your new product. The marketing plan should include the following sections in a written report and a 5+ minute group PowerPoint presentation.
Company and Product Description (1 page)
• This section will introduce the company highlighting its recent history and successes.
• This section will also introduce the new product your company is planning to launch.
Situational Analysis
Industry Overview (1 page)
• Describe the current market in which your company and a new product will compete. Look at the market from a national, regional, and local perspective.
• Be sure to discuss any trends affecting the industry as a whole.
Company SWOT Analysis (1/2 page)
• Strengths, Weaknesses, Opportunities, and Threats of the company
Product SWOT Analysis (1/2 Page)
• Strengths, Weaknesses, Opportunities, Threats of the product
Competitor’s Analysis (1 – 2 pages)
• Describe who your main competitors are.
• Which products, if any, would you consider the main competition to your product? Why?
Consumer Analysis
Target Market (1/2 page)
• Describe who your target market is for your product.
• Be sure to use the four target market profiles.
Product Positioning (1/2 page)
• How will you position your product in the current market to appeal to your target?
• What is your product positioning statement?
Marketing Program
Product Strategy (1 page)
• What is the name of your product? Why did you choose this?
• Describe the unique product qualities and how these are achieved
• Explain how the product fits with the current product line
• Describe the packaging – Be sure to discuss the image, the colours, the information included on the labels and how this packaging fits with the current product line.
Pricing Strategy (1/2 page)
• What is the product’s price point, and how does this compare with the competition or substitute products?
Promotional Strategy (1 – 2 pages)
• Describe the promotional strategies and tools you will use to promote your product.
Distribution Strategy (1/2 page)
• How will the product be distributed?
• Where will the product be distributed?
• What is the Strategy for this distribution?
Implementation Plan and Timeline (1 – 2 pages)
• How will this plan be implemented?
• What is the timeline for implementation?
• What is the Strategy for implementation?
Marketing Plan must:
• Be 10-12 pages typed, 11-point font, and double-spaced.
• Include a title page with the assignment title, instructor, date, and team members.
• All research should be cited, and a reference page should be included.